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UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14653 / September 26, 1995

SECURITIES AND EXCHANGE COMMISSION v. ROBERT PIERCE et al., 95
Civ. 8215, USDC, SDNY (SS)

NEW YORK -- The Securities and Exchange Commission ("Commission")
announced that, on September 26, 1995, a Temporary Restraining
Order was issued by Judge Robert P. Patterson of the U.S.D.C.,
S.D.N.Y. against Robert Pierce ("Pierce"), Carrie L. Williams
Pierce ("Williams") and Pierce Investments & Co. ("Pierce
Investments").  The Court also froze the defendants' assets.  The
Order stems from a Complaint filed by the Commission on the same
day, charging the defendants with violations of the antifraud
provisions of the federal securities laws and charging Pierce and
Pierce Investments with violations of various provisions of the
Investment Advisers Act of 1940, including the books and records
provisions.  A hearing will be held on September 28, 1995 on the
Commission's application for a Preliminary Injunction.

Named in the Complaint, filed today in the United States District
Court for the Southern District of New York, were:

ROBERT PIERCE, age 38, who is a resident of Queens, New York.  In
or about September 1993, Pierce registered with the Commission as
an investment adviser.  Pierce refers to himself as President and
Chief Executive Officer of "Pierce Investments & Co., Inc." 
Pierce also holds himself out has a registered investment
counsel.  He currently holds Series 6 and Series 63 securities
licenses.

CARRIE WILLIAMS PIERCE, who is Pierce's wife and resides with him
in Queens, New York.  Pierce Investment's letterhead reflects
that "Carrie Williams, Esq." is a Senior Vice President and Chief
Financial Officer of Pierce Investments.

PIERCE INVESTMENTS & CO., which is located at 45 John Street in
Manhattan, New York, commenced business in or about 1993.  At
times, Pierce Investments does business as "Pierce Investments &
Co., Inc."  However, there is no record that Pierce Investments
is incorporated in New York.

As detailed in the Complaint, beginning in or about 1993 through
the present, Pierce, Williams and Pierce Investments have raised
approximately $65,000 from at least 5 investors, for whom they
were providing investment advisory services.  The Complaint
alleges that Pierce told his clients that their funds would be
invested in "blue chip" securities, but that Pierce has refused
to provide the Commission staff with any records which would
substantiate the fact that his firm has purchased securities on
behalf of his investment advisory clients.  The Complaint further
alleges that, in an attempt to deceive the Commission staff,
Pierce and Williams claimed that they had no investment advisory
clients.  In addition, the Complaint alleges that, since August
1995, Pierce has refused to return approximately $20,000 to at
least one client, and that the defendants have misappropriated
their clients' funds.

The Commission's Complaint against Pierce, Williams and Pierce
Investments seeks an accounting, an asset freeze, as well as
preliminary and permanent injunctive relief from further
violations of the antifraud and other provisions of the federal

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securities laws, disgorgement of ill gotten gains, including
prejudgment interest, civil penalties and other ancillary relief.